BTC On the Daily: Biff's Review
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BTC on the daily
Housekeeping:
I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts are volume bias.
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated for this analysis is contained in the chart area. If you expose the chart to more or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume.
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
Technicals:
This chart covers November 20, 2018, to the present day; just over 3-months.
Trendline “A” has 3-data points and has been breached, so it is a reference. We should give it some consideration because it is likely being tracked by trading algorithms.
I adjusted the primary dotted orange trendline to reflect the changes in price action.
I adjusted the upper green channel resistance price range to reflect a new resistance trendline (2-data points). I feel I need a solid price action picture to track potential resistance.
Trendline “A” and trendline “B” demonstrate a longer-term bearish price distribution.
BTC is range trading with respect to the 3-month timeframe. This BTC daily chart clearly demonstrates that fact, as I type this, we are almost halfway into the rectangle height, or near the yellow POC.
Conclusion:
BTC price action is short-term bullish. The primary trend clearly shows this.
Volatility is compressing near the primary trendline. A volatility move may be imminent.
If we can break the orange referenced trendline (“A”) and break out of the high price level of the rectangle, we could be looking at a change in trend.
A breach of the Primary Orange Dotted trendline could be considered as bearish.
If we trade through the primary trendline, the price action should fade towards the POC (yellow dashed horizontal line).
Trade Recommendations:
Long Entry:
If you are seeking a long position, I would give consideration to buying on the primary trend or as close it as possible as a prudent strategy. Stop loss @ the .382 ($3717.1) could be considered.
Short entry:
Plan 1 short around $4226 and stop @ $4363.
Plan 2 short $4363.50 and stop $4533 or so.
My overall outlook for BTC is neutral with a small bias towards the bullish side nearer to the POC. I am giving some consideration to a volatility move as much as $400, in either direction at any time because of how close we are to the primary trendline.
I don’t trade BTC, but I do cover it because it leads the top altcoin market. Where BTC goes on a volatility move, the top altcoin market follows.
If you find my analysis useful, leave a thumbs up and consider following me on Tradingview and Twitter for my altcoin analysis.
Best,
Biff
Housekeeping:
I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts are volume bias.
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated for this analysis is contained in the chart area. If you expose the chart to more or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume.
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
Technicals:
This chart covers November 20, 2018, to the present day; just over 3-months.
Trendline “A” has 3-data points and has been breached, so it is a reference. We should give it some consideration because it is likely being tracked by trading algorithms.
I adjusted the primary dotted orange trendline to reflect the changes in price action.
I adjusted the upper green channel resistance price range to reflect a new resistance trendline (2-data points). I feel I need a solid price action picture to track potential resistance.
Trendline “A” and trendline “B” demonstrate a longer-term bearish price distribution.
BTC is range trading with respect to the 3-month timeframe. This BTC daily chart clearly demonstrates that fact, as I type this, we are almost halfway into the rectangle height, or near the yellow POC.
Conclusion:
BTC price action is short-term bullish. The primary trend clearly shows this.
Volatility is compressing near the primary trendline. A volatility move may be imminent.
If we can break the orange referenced trendline (“A”) and break out of the high price level of the rectangle, we could be looking at a change in trend.
A breach of the Primary Orange Dotted trendline could be considered as bearish.
If we trade through the primary trendline, the price action should fade towards the POC (yellow dashed horizontal line).
Trade Recommendations:
Long Entry:
If you are seeking a long position, I would give consideration to buying on the primary trend or as close it as possible as a prudent strategy. Stop loss @ the .382 ($3717.1) could be considered.
Short entry:
Plan 1 short around $4226 and stop @ $4363.
Plan 2 short $4363.50 and stop $4533 or so.
My overall outlook for BTC is neutral with a small bias towards the bullish side nearer to the POC. I am giving some consideration to a volatility move as much as $400, in either direction at any time because of how close we are to the primary trendline.
I don’t trade BTC, but I do cover it because it leads the top altcoin market. Where BTC goes on a volatility move, the top altcoin market follows.
If you find my analysis useful, leave a thumbs up and consider following me on Tradingview and Twitter for my altcoin analysis.
Best,
Biff
Anmerkung
Looking for support at the .382 fib. The selling volume is low; don't discount a fake out and spike higher, but for now, we have a chance for better pricing levels!
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